Preparing taxes is a taxing affair for small businesses, according to the 2015 Small Business Taxation Survey (PDF) by the National Small Business Association (NSBA).
The study found for one in three small business owners, the average time to prepare taxes was more than 80 hours per year. Moreover, these businesses were spending nearly $5,000 or more annually on federal taxes. An overwhelming majority (85 percent) of small businesses pay an external tax practitioner or accountant to handle their taxes.
Average Time to Prepare Taxes? 80 Hours for Some Small Biz
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